Question: In the current year, a partnership reported the following items: Fees earned $500,000 Salary expense 100,000 Utility expense 5,000 Charitable contributions 8,000 Long-term capital gain
In the current year, a partnership reported the following items:
| Fees earned | $500,000 |
| Salary expense | 100,000 |
| Utility expense | 5,000 |
| Charitable contributions | 8,000 |
| Long-term capital gain | 2,000 |
| Office supplies | 500 |
What is the partnership's ordinary income?
| a | $388,500 | |
| b | $394,500 | |
| c | $386,500 | |
| d | $396,500 |
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